Following activities surrounding the unveiling of N50 billion Export Expansion Facility (EEF), the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo Jnr, has said that the EEF is one of the packages designed to stimulate export, save jobs and protect export businesses from the adverse effects of COVID-19. According to him, EEF also contains a provision of N5 billion for the implementation of the Export Development Fund (EDF). EDF was established under the Export (Incentives and Miscellaneous) Act CAP E19 2004 to provide financial assistance to private sector exporting companies to cover part of their initial expenses in respect of export promotion, hence the organisation of this first approach, which is participation of members in training courses, symposia, seminars and workshops in all aspects of export promotion.
The Federal Government had set aside N50 billion EEF package under its Economic Sustainability Plan (ESP) for Nigerian exporters following the adverse effect of COVID-19 on global trade. The move by government to rollout EEF may not be unconnected with the effects of the scourge coupled with the over 12-month border closure on businesses. With EEF secured and in place, NEPC is collaborat-ing with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to ensure that chambers of commerce across the country key into the facility, which is aimed at providing financial stimulus to revamp the economy among other objectives.
Among other areas of support, the NEPC CEO said the Export Development Fund would also provide support for MSMEs exporting companies to undertake conformity assessments in the areas of packaging, labelling, standardisation, accreditation, quality certification etc. Specifically, with COVID- 19 and closure of borders, the economy lost over N2 trillion. The loss came from trapped goods that rot away at the borders, those in warehouses that could not be shipped out after production verification, and raw materials, among others. Speaking to New Telegraph, Chairman of exporting firms’ group in Nigeria, under the auspices of the Manufacturers Association of Nigeria Export Group (MANEG), a key sub-secto